Nifty Forms Hammer Pattern in Futures Trading Tips

Futures Trading TipsIndian Futures Trading tips shares ended lower for a second consecutive session on Wednesday as caution succeeded ahead of state elections results, together with that of the crucial northern state of Uttar Pradesh, and a U.S. Federal Reserve policy meeting next week. Nifty Forms Hammer pattern, the size of the lower shadow should be a least twice the length of the body and the range between the highest and the lowest levels should be relatively large. The Bombay Stock Exchange Sensex closes at 28902 were moving down by 98 points or impel log by 0.34 percent whereas Nse Index closes at 8924 were moving down by 23 Points or hush fog by 0.25 percent. The S&P BSE Midcap settling at 13428, were up by 76 points or by 0.56 percent, while S&P BSE Small cap closes at 13633 were down by 42 points, or 0.31 percent. The Top Gainers on the National Stock Exchange were Bosch up by 2.51%, Yes Bank up by 2.20%, ZEEL up by 1.53%, Eicher Motors up by 1.14% and Kotak Mahindra Bank up by 0.86% on the flip side Idea Cellular down by 2.26%, Tata Steel down by 2.10%, ONGC down by 1.91%, Tech Mahindra down by 1.47% and BHEL down by 1.34% were the top losers on Day trading.

Sensex Major Resistance on Upside at 29011-29120-29229

Sensex Major Support on Downside at 28804-28706-28597

Trend Deciding Level at 28913

Short Term Trend: Up

Medium Term Trend: Up

Nifty Index Major Resistance on Upside at 8957-8989-9022

Nifty Index Major Support on Downside at 8892-8859-8827

Trend Deciding Level at 8924

20 DSMA at 8863

40 DEMA at 8715

Short Term Trend: Up

Medium Term Trend: Up

Major Headlines

Kotak Mah Bank up 3% on stake sale buzzes to Canadian pension fund

Jain Irrigation wins Rs 189-cr irrigation project; share up 1%

Glenmark Pharma up 1% on US FDA nod to drug’s first phase

Chartered Logistics bags order worth Rs 6.3 crore

SPML Infra bags new orders worth around Rs 250 crore

Jain Irrigation Systems bags an order worth Rs 189.02 crore

Nifty Indices

On 08 March 2017: Foreign Institutional Investors (FII) Net Bought – INR 3573.04 Crores and Domestic Institutional Investors (DII) Net Sold – INR 1735.12 Crores.

The Nifty opened slightly positive but glided towards 8900 and the hourly lower Bollinger Band in the first half of the session. Close to those levels, the bulls rushed in to supply support to the Index. As a result, it well again to some extent and closed near the key hourly Moving Averages. As per the Elliott Wave Theory, the consolidation since the last few session seems to have taken form of a triangular pattern. It can be phrased as a fourth wave correction, which is pursued by the fifth leg on the upside. The range of 8860-8825 is a crucial support zone on a closing basis. As long as that holds on a closing basis, the bullish outlook will hold right. In general, the Nifty is bearing towards the all time high of 9119.

In the daily chart the index is trading above the Twenty-day moving averages (DMA) and the Forty-DMA, ie 8863 and 8715 respectively. The thrust indicator is trading in bearish sort on the daily chart

In the hourly chart, Nifty is trading in below the Twenty-hourly moving averages (HMA) and the Forty-HMA, ie 8940 and 8927 correspondingly, the hourly impetus indicator encompass turned bearish.

The market duration was turned negative with 516 advances and 1127 declines, Unchanged 72 Total Issue 1715 on the National Stock Exchange.

Nifty Future Major Resistance on Upside at 8987-9019-9052

Nifty Future Major Support on Downside is at 8915-8875-8843

Trend Deciding Level at 8947

Bank Nifty Major Resistance on Upside at 20847-20916-20986

Bank Nifty Major Support on Downside at 20648-20518-20449

Trend Deciding Level is at 20717

30 Days Simple Moving Averages @ 8798

50 Days Simple Moving Averages @ 8590

150 Days Moving Averages @ 8529

200 Days Simple Moving Averages @ 8467

Securities in Ban for Trade Dated 09.03.2017

  1. Jetairways
  2. Jindalstel
  3. Jpassociat

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Futures Trading Tips

Buy Nifty Fut Intraday above 8973 sl 8953 Tgt 8996-9020 {Or} Sell below 8930 sl 8954 Tgt 8912-8888

Buy Bank Nifty Fut Intraday above 20798 sl 20761 Tgt 20833-20869 {Or} Sell Below 20736 sl 20762 Tgt 20700-20765

Curious Fact

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